Lakshmi Narayan Gouri Shankar v. CIT

123 ITR 911High Court1980#13303 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 348,356 Indian tax judgments — from 2024 to 2026.

Sections most often in play

Section 142(1)Section 143(1)(a)Section 250(6)Section 270ASection 37

Issues it is cited on

proximate nexussection 269ssection 36(2)protective assessmentstatement under section 132(4)section 131(1a)retracted statementsource of sourcesection 269ssbusiness expediencysection 41(1)section 269

Judgments citing Lakshmi Narayan Gouri Shankar v. CIT

Axa Parenterals Limited, Up vs. Assessment Unit, Delhi

ITA 5040/DEL/2025[2020-21]Status: DisposedITAT Delhi28 Jan 2026AY 2020-21

Bench: Shris. Rifaur Rahman & Shri Raj Kumar Chauhan

Section 142(1)Section 143(1)(a)Section 250Section 250(6)Section 270Section 37Section 37(1)

…dent of the business and may be allowable as a business loss or expenditure, but the latter arises on a wrongful act and is not allowable [Lakshmi Narayan Gouri Shankar v. CIT, (1975) 100 ITR 143, 151-2 (Pat), CIT v. J.K. Cotton Spng. & Wvg. Mills Co., (1980) 123 ITR 911 (All). Thus penalty by way of damages for supply of foodgrains not conforming to contract quality was held deductible (CIT v. Profulla Kumar Mallick, (1969) 73 ITR 119 (Orl); Govind Choudhary & Sons v. CIT, (1971) 79 ITR 492 (Ori)]. The reliance is being placed upon the following judicial pronouncements (1) Sardar Prit Inder Singh v. CIT, (1986)…

Saketkumar Rugnath Tanna, Ahmedabad vs. The DCIT, Central Circle-2(2), Ahmedabad

In the result the assessee appeal in ITA

ITA 978/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2014-15

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

Saketkumar Rugnath Tanna, Ahmedabad vs. The DCIT, Central Circle-2(2), Ahmedabad

In the result the assessee appeal in ITA

ITA 977/AHD/2019[2007-08]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2007-08

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

Saketkumar Rugnath Tanna Legal Heir of Late Smt. Indumatiben Rugnath Tanna, Ahmedabad vs. The DCIT, Central Circle-2(2), Ahmedabad

In the result the assessee appeal in ITA

ITA 976/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2014-15

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

Smt. Ritaben Saketkumar Tanna, Ahmedabad vs. The DCIT, Central Circle-2(2), Ahmedabad

In the result the assessee appeal in ITA

ITA 975/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2014-15

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

The ITO Ward-5(3)(1) (Previously the ACIT, Central Circle-2(2)), Ahmedabad vs. Shri Saketkumar Rugnath Tanna Legal Heir of Late Smt. Indumatiben Rugnath Tanna, Ahmedabad

In the result the assessee appeal in ITA

ITA 921/AHD/2019[2007-08]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2007-08

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

The ACIT, Central Circle-2(2), Ahmedabad vs. Smt. Ritaben Saketkumar Tanna, Ahmedabad

In the result the assessee appeal in ITA

ITA 920/AHD/2019[2007-08]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2007-08

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 132Section 133ASection 139(1)Section 153A

…to the allowability of trading losses are as follows:- A] Business loss is allowable if it is of a non-capital nature and if the same is not only connected with trade but is incidental to trade itself (CIT vs. J.K. cotton Spinning & Weaving Mills Co. (1980) 123 ITR 911 (All.) b] The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material (CIT vs. Nainital Bank Ltd. (1965) 55 ITR 707 (SC)] c) The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and any loss sustained by th…

Lakshmi Narayan Gouri Shankar v. CIT (123 ITR 911) — Cited in 7 Judgments | BharatTax